Friedman Industries has acquired PlatePlus Inc. facilities in East Chicago, Ind., and Granite City, Ill., including real estate, buildings, equipment, inventory, and other assets. The deal between the two service center groups closed on April 30, Friedman said. It includes not only steel inventory but also customer and supplier networks from Plateplus locations in Loudon, Tenn. […]
The steel market has adapted to the shock of the war in Ukraine – and it’s become clearer with each passing week that a steeper price decline than we have seen to date might be in store. I wrote on Thursday that the headline data from our latest survey indicated the market had peaked. I […]
It’s cliché to compare steel price cycles to a roller coaster. But the description feels apt right now. People in the front can see a big drop coming. People in the back are still climbing. Why do I suggest we’re in for a drop? Our full survey results won’t be released until tomorrow. But we’ve […]
Foreign import prices are gaining a greater competitive advantage over domestic steel this week, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $60-351 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. Recall that the price differentials between […]
Steel Market Update’s latest check of the market indicates steel mill lead times are sideways to down for sheet and plate products, decreasing by an average of 0.4 weeks compared to two weeks prior. This is the first time lead times have declined on average since late January. Hot rolled, cold rolled, and galvanized lead […]
Sheet prices continue to bump around what some sources think might be the top of the market, with prices for most products down modestly week-over-week. Hot-rolled coil and cold-rolled prices slipped $30 per ton ($1.50 per cwt). Galvanized base prices were down $20 per ton. And Galvalume prices slipped $45 per ton. The dip comes […]
Distributors who sell galvanized steel products to the construction and HVAC sectors are still seeing strong demand despite record-high prices. But the flurry of buying that happened immediately following the outbreak of the war in Ukraine has slowed, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) said in their monthly conference call on Tuesday. […]
The competitive advantage import prices hold over domestic steel has increased this week, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $47-335 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. Recall that the price differentials between domestic […]
I’m writing this Final Thoughts from our first in-person Steel 101 workshop in more than two years. It’s great to see everyone here in Memphis, Tenn. It turns out everyone has legs and feet. We are not all disembodied heads on Zoom or Teams. It’s also great to see so many people at Steel 101. […]
Sheet prices rose modestly across this board this week, following slight declines seen last week. Steel Market Update’s check of the market puts benchmark hot-rolled coil prices at $1,480 per ton, up $30 per ton from one week prior. Coated and plate products saw increases as well, moving upwards between $10 and $40 per ton […]
Flat Rolled = 52 Shipping Days of Supply Plate = 44.4 Shipping Days of Supply Flat Rolled US service center flat rolled inventories edged down further in March. Inventories did not fall as much as expected, as attitudes about inventory changed with the reversal of pricing trends. At the end of March, service centers carried […]
Total mill shipments of steel products fell for the second straight month in February to 7.655 million tons, a 6.1% decline from January’s 8.153 million tons. Apparent supply also fell in February, down 12.1% versus the prior month, falling repeatedly and unable to maintain the momentum seen during the final quarter of 2021. This analysis is based […]
North American auto assemblies grew by 18.1% in March, expanding for the third straight month despite ongoing supply hurdles. Though North American production has improved since last December, March’s recovery was just 1% higher year on year. And it’s still 13.5% below the pre-pandemic period of March 2019. At the onset of 2022, the global auto […]
I shouldn’t say put a fork in this market and call it done. It’s probably too early for that. But some of the anecdotal indicators I mentioned last week are increasingly showing up in the data we and others collect. Take a look at today’s issue: Lead times are still rising, for the most part. […]
The competitive advantage foreign import prices hold over domestic steel is relatively unchanged from our previous update, with most prices moving just $10-$20 from last week, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $305 per ton cheaper than domestic prices to $27 per ton more expensive, […]
Steel mill lead times appear to be steadying this week for four of the five sheet and plate products we track. They are also rising at a slower rate compared to the big gains seen in March. Steel Market Update’s latest check of the market indicates sheet lead times increased by an average of 0.2 weeks […]
By Greg Wittbecker, Advisor, CRU Group It is natural to speculate about how well demand for aluminum can hold up given the effects of dramatically higher prices, both on aluminum itself and the broader economy. Conversations with many of our clients’ center on concerns about demand destruction. The logic is simple: With gasoline, food and interest […]
Sheet and plate prices are flat or modestly down. I didn’t expect to write that this week. But the data we collected and our methodology indicated that it was the right decision. I’ve had a lot of experience with pricing over the years. And in my experience, that data often moves before the words. In […]
Sheet prices were flat or fell modestly across this board this week for the first time since late February. Case in point: SMU’s average hot-rolled coil price slipped to $1,450 per ton, down $10 per ton from last week. The decline, while negligible in absolute terms, marks the first time HRC prices have not risen […]
If you’re feeling whiplash from the current market, I’d take some comfort in the fact that you’re not alone. I remember attending Great Designs in Steel, one of my favorite events, in Livonia, Mich., back in May 2018. My absolute favorite part of GDIS is seeing the latest vehicle models dissected – and all the […]
Despite economic and geopolitical headwinds, there remains tremendous opportunity for steel and industrial metals distribution, Ryerson president and CEO Eddie Lehner during the most recent Steel Market Update Community Chat webinar. There might be debate over where rising finished steel prices will settle. But gone are the days of hot-rolled coil averaging around $600 per ton ($30 […]
Matthew Abrams, Analyst, CRU Group The US Midwest premium on aluminum P1020 has seen consistent upward movement since the recovery from the pandemic started. Last week, it touched $0.40 per pound, a level once heavily fought. The fundamentals of the market indicated room for further upward moves, yet it is pausing here. Markets are getting […]
Foreign import prices are slowly gaining back their competitive advantage over domestic steel, according to SMU’s latest foreign versus domestic hot rolled steel price comparison. Select foreign HRC prices range between $327 per ton cheaper than domestic prices to $46 per ton more expensive, after taking freight costs, trader margins and tariffs into consideration. Recall that the price differentials between […]
Steel prices rose again this week on continued strong demand (outside of automotive). But hot-rolled coil price gains moderated for the second week in a row. SMU’s benchmark hot-rolled coil price rose to $1,460 per ton this week, up $25 per ton from $1,435 per ton last week and marking the smallest week-over-week gain since […]
I gave the keynote address at The FABRICATOR’s Manufacturers & Suppliers Event in Schaumburg – just outside of Chicago – earlier today. And I want to thank the organizers who invited me, everyone who attended and especially those who asked questions. My presentation focused on the factors we’ve all been following closely over the last […]
Steel prices rose each week in March, and the increases were the first in six months. Hot rolled prices were down to $1,000 per ton ($50 per cwt) the first week of March, the lowest level seen since December 2020. Prices then surged $435 per ton throughout the month, with the SMU index averaging $1,435 per ton […]
The outlook among purchasing managers surveyed by the Institute for Supply Management remains optimistic, showing continued expansion in March despite a slight month-on-month decline in growth rates. Last month’s Manufacturing PMI edged down to a reading of 57.1% versus 58.6% in February. The index reading above 50% indicates growth in the manufacturing sector, and March’s […]
Steel mill lead times continue to extend, but they are rising at a more moderate pace compared to early March. Steel Market Update’s latest check of the market indicates that lead times for sheet and plate increased by an average of 0.6 weeks, compared to an average jump of 1.2 weeks two weeks prior. Buyers surveyed […]
Sheet prices continue to rise with new, higher offers from some domestic mills: as much as $1,500 per ton for hot-rolled coil and $1,900 per ton for cold-rolled and coated product. Despite those higher pricing levels, gains on the hot-rolled side have moderated. SMU’s benchmark hot-rolled coil price now stands at $1,435 per ton ($71.75 […]
The market has worked itself into a frenzy about rising costs: for fuel, for labor, and for raw materials. All that translates into sharply higher prices for steel. There is a good case to be made that these factors – especially when it comes to fuel and raw materials – won’t go away anytime soon […]